Jack Dorsey, a co-founder of Twitter, is stepping down as the company’s CEO.
According to Twitter, he would be replaced by Parag Agrawal, the current chief technology officer.
Mr. Dorsey, who co-founded Twitter in 2006, has been the CEO of both the company and the payment company Square.
Mr Dorsey, who co-founded Twitter in 2006, has been serving as chief executive of both Twitter and payment firm Square.
“It’s finally time for me to leave” he wrote in a statement, saying the company was “ready to move on.”
Mr Dorsey said he had “deep” trust in his replacement. “I’m deeply grateful for his skill, heart, and soul. It’s his time to lead,” he said.
Mr. Agrawal joined Twitter in 2011 and has served as the company’s chief technical officer since 2017.
With his nose ring, long beard, and wellness regimen that included yoga and eating only one meal a day, Mr. Dorsey defied business traditions.
Investors, on the other hand, felt he wasn’t giving Twitter the attention it deserved because he was also running Square.
In a separate message to the official corporate statement, Mr Dorsey tweeted: “Not sure anyone has heard but I resigned from Twitter.”
“There’s a lot of talk about the importance of a company being ‘founder-led’. Ultimately I believe that’s severely limiting and a single point of failure,” he wrote in an attached email he sent to staff.
He added that he would leave the board after his term expires.
“Why not stay or become chair? I believe it’s really important to give Parag the space he needs to lead.”